Running a small business can be incredibly rewarding, but it’s certainly not easy work. One major change from being employed by a business to running your own is how you have to report your taxes. Small business owners are more likely to be audited by the CRA than folks who are employed by a business and there are several common … Read More
5 Keys to Promoting Accountability in Your Workplace
We are all, in part, the products of our environments. Imagine going into a workplace where no one ever takes responsibility for their actions, everyone is always trying to shift the blame, and dishonesty is rampant. Not only would you have a toxic experience, you’d likely begin exhibiting the same behaviours as everyone else – if not, you’d be held … Read More
Payroll Obligations to the CRA
The following is a brief guide for employers so you can better understand your payroll obligations Although payroll obligations are fairly complex and nuanced, we’ll break down these obligations into three sections: payroll obligations, CPP obligations, and EI obligations. Payroll Obligations First, determine whether or not you are considered an employer. Are you paying salaries and vacation pay? … Read More
Canadian Tax Strategies for Business Professionals
We’re going to talk about how to minimize your income tax owed when you’re a business professional but talking about such a broad topic requires a brief caveat. The advice that we’re going to give here is general – there are deductions a dentist might be able to take that a general contractor could not, just as there are … Read More